ROLE OF TRANSNATIONAL CORPORATIONS IN ECONOMY OF NIGERIA

Abstract

Acceleration of economic development is enhanced by the quantum of infrastructure available, which promote activities that enlarge the economy of any nation. Equally, in today’s world no nation can develop as a closed system that is not allowing the inflow of resources from outside. This is why the contribution of foreign direct investment in accelerating development especially in a developing country can hardly be over-stressed. In 2018 Nigeria made a tremendous efforts in order to attract more foreign investors, also of recent ranked the fifth largest recipients of FDI in Africa. However, the author emphasizes that in the 21st century FDI plays a big role for any successful economic growth in a world-third economies and this is because the very essence of economic development is the rapid and also efficient transfer and adoption of best practice across borders. Therefore, it is obvious that Nigeria’s economy makes the most of TNCs. This article focuses on the concept and role of transnational corporations in the Nigerian economy, the author examined many theories of TNCs and how these theories relate to the development of the Nigerian economy. In order to sustain and boost the FDI inflows, the author however recommends that the current Nigeria's plans especially in the health, human capital and infrastructure etc. be highly maintained.